Congress needs to repeal the medical device tax

The Senate's inability to move forward on healthcare reform left behind one key provision that made sense both as sound economic policy and good health policy – namely, repeal of the innovation-crushing and jobs-killing medical device excise tax. On behalf of American patients, their families, and manufacturers, it's time to pivot and move this forward now.

Originally passed to help fund the Affordable Care Act, the medical device excise tax was imposed on devices such as artificial hips and knees for people suffering from osteoarthritis, radiation therapy machines for those battling cancer, and replacement heart valves and other innovations that give people a new chance at life.

As a matter of policy, repeal of the medical device tax enjoys widespread, bipartisan support. Senators and House members on both sides of the aisle understand that its fate has far-reaching implications for the future of medical innovation and the nearly 2 million American jobs medtech supports. The Milken Institute has found that policies that discourage innovation could cost the U.S. economy $3.4 trillion over the next 25 years.

While Republicans' years-long effort to reform the U.S healthcare system lingers, this issue is too urgent for us to wait. Time is running out for America's device manufacturers, and the reality is that thousands of companies across the country will face an enormous tax increase at the end of this year if Congress doesn't act – to the tune of $20 billion.

The potential for collateral damage in the wake of Congress's failure to act cannot be overstated. Inaction by Congress would mean a tax increase on the very medical technologies that today are helping people live longer, healthier lives, and that yield savings across our healthcare system by replacing more invasive procedures, reducing hospital stays, and allowing people to return to work more quickly.